LOTTERY COMPANY,

Waikato Times, Volume 117, Issue 18589, 30 May 1935, Page 2

LOTTERY COMPANY,

/ PROJECT FOR DANZIG. WINDING-UP PETITION. HEARING BEFORE COURT. AUCKLAND, Wednesday. The affairs of the organlsaion known as International Concessions, Ltd., were reviewed before Mr Justice Fair in the Supremo Court yesterday, when a petition for the winding-up of the company by the court under the Companies Act, 1933, was presented. It. was asked in the alternative, that the voluntary winding-up of International Concessions, Ltd., might he continued, subject lo the supervision of (ho court.

Tlie petitioners were represented by Mr llaigh, Mr Henry appeared for 22 New Plymouth shareholders in the company, and Mr Richmond opposed tlie petition on behalf of the present liquidator, Mr A. L. Stedman, and on behalf of five objecting shareholders. Mr Singer represented Ihe remaining objecting shareholders lo the number of 100, with holdings valued at £10,942. The petition stated that International Concessions, Ltd., was incorporated in September, 1932, with a registered office in Auckland and a nominal capital of £50,000. The amount of capital paid up. or credited as paid up, was £23,981 10s. d'lie staled objects of Ihe company were: "To establish companies and associations for the prosecution or execution of undertakings, works, projects or enterprises of any description, whether of a private or public character, In New Zealand nr otsewnere. and lo acquire and dispose of shares and Inleresls in such companies nr associations, nr in any oilier companies or associations, or in Ihe undertakings iliereof.” and oilier objects.

'l'llo ;k’lh;il oli.ieel of the company, ttie petitioners; staled, was In acquire foreign concessions in order to conduct lolteries in foreign countries where such lotteries would lie legal, (if the shares. aOOO were to lie allotted fully paid to the promoters, to,Odd held in reserve, and .'id,Odd offered for public subscriplion. After a review of Ihe company's ncliviiies had been given legal argumenl was heard until the court adjourned. The hearing will he continued to-day.